High Court rules Antonov owes €90m to collapsed Krājbanka

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In late May the High Court of England ruled that Vladimir Antonov, majority owner at collapsed Latvijas Krājbanka, committed financial fraud causing losses of €60,499,567 and $30,762,458 to the bank, the bank's insolvency administrator KPMG Baltics told the press Monday.

Within coming weeks, the High Court will rule on the interest that Antonov owes the bank on top of the compensation.

Although Antonov left Britain in 2015 after being found in contempt of court, the insolvency administrator will use the court ruling in the further bank asset recovery process.

The Krajbanka case is one of the largest in Latvia's financial crime history, and the investigation into the case lasted for more than three years.

The bank - Latvia's oldest - collapsed in November 2011 in the wake of the collapse of Lithuanian parent company Snoras bank.

Antonov, former owner of UK's Portsmouth Football Club, has also been accused of fraud in Lithuania. In May 2015 he lost a legal battle to avoid extradition from the UK to Lithuania, reported the BBC.

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